Traders looking to buy shares will typically have an attack plan.
At the time of writing, Tethys Petroleum Ltd (TPL.TO) has a 14-day Commodity Channel Index (CCI) of 59.83. As with all indicators, the MFI should not be used by itself. Divergence between MFI and the price direction can also be indicative of a reversal. Normal oscillations tend to stay in the range of -100 to +100. A reading under 30 may indicate that the stock is oversold, and possibly undervalued. Moving averages may be used by investors and traders to shed some light on trading patterns for a specific stock. Winning traders are typically ready to pounce on any opportunity they find in the stock market.
Taking a peek at some Moving Averages, the 200-day is at 30.14, the 50-day is 37.64, and the 7-day is sitting at 42.32.
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Tracking other technical indicators, the 14-day RSI is presently standing at 29.67, the 7-day sits at 11.08, and the 3-day is resting at 1.47 for iGO Inc (IGOI). The RSI is considered to be an internal strength indicator, not to be confused with relative strength which is compared to other stocks and indices. The RSI was originally created by J. Welles Wilder which was introduced in his 1978 book "New Concepts in Technical Trading Systems". RSI helps measure changes in price movement of a specific equity. As a momentum oscillator, the RSI operates in a set range. MA's may be used to identify uptrends or downtrends, and they can be a prominent indicator for detecting a shift in momentum for a particular stock. The CCI may be used to spot if a stock is entering overbought (+100) and oversold (-100) territory. A reading between 0 and -20 would indicate an overbought situation. This is a momentum indicator that is the inverse of the Fast Stochastic Oscillator.
Taking a deeper look into the technical levels of Gabelli Convertible and Income Securities Fund Inc (GCV), we can see that the Williams Percent Range or 14 day Williams %R now sits at -60.31. In general, if the indicator goes above -20, the stock may be considered overbought.
For further review, we can take a look at another popular technical indicator.
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When applying indicators for technical analysis, traders and investors might want to look at the ATR or Average True Range.
One technical indicator that may assist in measuring the strength of market momentum is the Average Directional Index or ADX. Using a wider time frame to assess the moving average such as the 200-day, may help block out the noise and chaos that is often caused by daily price fluctuations. ADX is charted as a line with values ranging from 0 to 100. In general, a rising ADX line means that an existing trend is gaining strength.
Currently, the 14-day ADX for Waterco Ltd (WAT.AX) is sitting at 19.01. Many technical chart analysts believe that an ADX value over 25 would suggest a strong trend. A reading under 20 would suggest no trend, and a reading from 20-25 would suggest that there is no clear trend signal. A value of 50-75 would signal a very strong trend, and a value of 75-100 would indicate an extremely strong trend.
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Investors often closely follow fundamental and technical data. Investors on the wrong side of the market swing may have to consider what may be in store over the next few months. With the recent trend resulting in a series of new all-time record highs, investors will have to put the pieces together to try and gauge how long the second longest bull market in history will continue. Some professionals are still wondering if the next recession is looming, and if a bear market is right around the corner. Investors who prefer to do their own research and make their own investment decisions are quite common these days.